With 27 years of experience, Acecook Vietnam became a manufacturer of instant noodles leading in Vietnam, supplying the market with diverse products such as instant noodles, instant rice
Market Summary
Market Demographics
Acecook has no set geographic target area We serve customers all over the country by leveraging the expansive reach of the Internet and multiple delivery services.
- The ratio of male and female users is quite balanced.
- Occupation: Student, office worker, housewife.
- Income: medium to high income.
- Users are busy and have little time to cook.
- Users like the convenience, fast.
- Users have a passion for food and prefer trying new foods.
- Users spend money on food, typically available food.
Market Needs
Acecook brings to the market a lot of quality instant products The company is still making efforts to fulfill the following benefits for its customers:
- Authentic taste: Consumers are attracted by delicious dishes and retain the typical flavor of the original dish even if it is canned food.
Affordable pricing works best when the food quality satisfies customers, as a fair price keeps them coming back Consumers don’t want to pay too much for a serving, and overpricing can erode loyalty even if the quality is high By pairing satisfying meals with reasonable pricing, businesses create perceived value, encourage repeat visits, and strengthen overall customer loyalty and long-term success.
- Attractive designs: When putting many products together, the one with a beautiful and outstanding design will attract the attention of customers more.
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Market Trends
In 2020, Vietnam emerged as the world's third-largest instant noodles market, with consumption topping 7.03 billion servings—a 29% jump from 2019 and a new national record per the World Instant Noodles Association (WINA) A Nielsen Vietnam survey also found that instant noodle consumption rose by 67% during the Covid-19 outbreak as households stocked dry foods, driving demand for affordable, convenient meals This surge was propelled by the variety of flavors and product lines available, reinforcing the appeal of instant noodles for everyday, budget-friendly dining.
Market Growth
WINA data show that global consumption of instant noodles rose nearly 10% in 2020 to 116.56 billion servings, with Vietnam accounting for about 6% of global instant noodle servings and an average of 55.6 servings per person The rise in Vietnam’s instant-food consumption coincided with the Covid-19 pandemic, as stay-at-home orders and social distancing boosted at-home meals Market research from Facts and Factors projects global instant noodle sales expanding from $45.1 billion in 2020 to $74.08 billion by 2028, reflecting a compound annual growth rate of roughly 6.40% from 2021 to 2028.
Figure 2.1: Global Instant Noodles Market
SWOT Analysis
Strengths
- Has a large market and holds a high market share.
- High brand awareness, familiar with Vietnamese consumers of many ages.
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- Get many certificates of food hygiene and safety.
- Advanced production technology, international standard quality control process.
Weaknesses
- There is no comprehensive customer care policy.
- Packaging and quality are not regularly improved that easily cause boredom with customers.
Opportunities
- Consumer demand for instant food has increased sharply due to the impact of the Covid-19 epidemic.
- Not must pay international tax and shipping fees, so the price is cheaper than the common ground.
- Create a breakthrough when challenging with new products.
- The taste is more suitable for Vietnamese taste than foreign products.
Threats
- There are many competitors in the market such as Masan Consumer, Uniben and Asian Food.
- Customers are not loyal to products/brands.
- Consumers (take care of their health more and increasingly) appreciate home-self-cooked dishes.
- Shortage of supplies and labor resources due to the epidemic situation.
- More and more substitutes will appear in the future.
Competition
For many years, the Vietnamese instant food market has been dominated by four big players: Acecook Vietnam, Masan Consumer, Uniben, and Asia Foods.
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Figure 2.2: Market share by volume of Vietnamese noodle manufacturers.
Retail Data's statistics show that in the first nine months of 2020, roughly 84% of the Vietnam instant noodle market revenue came from this group, led by Acecook Vietnam Group with a 35.4% market share Yet Acecook's share has drifted downward over time, from 36.8% in 2018 to 36.7% in 2019, and by the end of 2019 the company recorded revenue of 10,648 billion VND and an after-tax profit of 1,660 billion VND Masan Consumer ranks second in the instant-food sector, buoyed by ongoing innovation and the introduction of premium instant noodle products, achieving strong growth in both volume and selling price; in 2019 it posted revenue of 4,968 billion VND, up 7% from 2018 As Masan strengthens its position, Acecook Vietnam, Uniben, and Asia Foods have all lost market share Uniben's market share declined from 17.2% in 2018 to 14.9% in the first nine months of 2020, while the company still reports steady revenue in the trillions of dong annually, though profits remain relatively low Asia Foods has also seen market-share erosion in this period.
In 2019, Asia Foods earned nearly 2,856 billion VND in revenue, but net profit was only about 40 billion VND, suggesting a slim margin and a notable gap when compared with Uniben By 2010, Asia Foods posted revenue of 3,070 billion VND and a net profit of 409 billion VND, indicating stronger profitability at that time The company's market share declined from 11.5% in 2018 to 10.1% in the first nine months of 2020, reflecting a waning market presence.
Figure 2.3: Revenue of instant noodle maker in 2017-2019 (unit: billion VND)
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Figure 2.4: Profit of instant noodle maker in 2017-2019 (unit: billion VND)
Product Offering
Acecook self-heating hot pot currently offers 3 taste:
The first product is Tóp Tóp Seafood hot pot The product includes 1 pack of sauce, dry noodles and side dishes such as fish balls, squid balls, crab sticks, dried shrimp and lotus roots The dish has a sour, spicy and deep flavor that is extremely attractive.
The second product, Tóp Tóp Beef hot pot, includes 1 pack of dry noodles, 1 pack of sauce, 1 pack of large beef, tofu and onions The beef is both soft and chewy, served with the sweet broth of onions to create a warm flavor for the dish.
Tóp Tóp Mushroom Hot Pot, also known as Tóp Tóp Vegetarian Hot Pot, is a complete vegetarian hot pot kit designed for quick, flavorful meals It includes dry noodles, flavored sauce packs, tofu, carrots, and corn, providing a balanced mix of protein, vegetables, and starch In addition, a mushroom sauce pouch rounds out the kit, featuring enoki, shiitake, and straw mushrooms for a rich, savory depth.
Key to Success
Quality products at competitive prices that meet market demand are the keys to lasting success, and focusing on these factors will strengthen Tóp Tóp’s market position Acecook must satisfy customers through the taste of each dish, and every product launch should be driven by clear customer needs, since a product’s success or failure largely depends on whether people like it and actually use it When these conditions are met, Acecook becomes a profitable, sustainable company.
Critical Issues
- Regularly follow customer satisfaction and update their responses, ensuring that the growth strategy will not compromise service and customer's experience.
- Control the growth that expenses will never exceed the revenue base This will protect the company from recessions.
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Mission
Vision: